Toronto luxury sales have taken a big hit, dropping sharply in the first quarter, as the market continues to suffer with low levels of inventory, according to Sotheby’s International Realty Canada.
“Low inventory isn’t just a problem in Toronto, it’s national,” said Don Kottick, president and CEO of Sotheby’s International Realty Canada. “It’s a decades-long problem.” “We also had a frenetic two years when interest rates were incredibly low, where people brought their property onto the market because they knew there was an opportunity there,” Kottick said. “That chewed up some future inventory.”
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